Whale Rock Legal comments on new Iran sanctions

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City-based niche law practice Whale Rock Legal is advising all companies who import to or export from Iran that sanctions have now been imposed on one of its main providers of port services, placing significant further restrictions on trade with the Persian Gulf nation.

The US Government has added Tidewater Middle East Co to its Specially Designated Nationals list on the basis that the company’s ports have been used “to export arms or related material in violation of United Nations Security Council Resolutions”.

Tidewater is alleged to be part-owned by Iran’s Islamic Revolutionary Guard Corps (IRGC), which is itself subject to both EU and UN sanctions. This means that although Tidewater itself is not subject to EU sanctions, companies and individuals in the EU will likely be unable to make payments to the company if the information about its ownership and control is correct. Tidewater is also owned by Mehr Bank, which is already subject to EU sanctions due it being controlled by the IRGC.

Nigel Kushner, CEO of Whale Rock Legal, said: “This could have potentially devastating repercussions for trade with Iran and essentially become a bar to imports and exports to and from the leading Iranian ports.

“Because of the extent of Tidewater’s operations in Iran and its alleged links with the IRGC, every company who trades to or from the country should first check whether a particular port or terminal is operated by Tidewater.”

For more information, please contact Nigel Kushner on 0207 726 5092 or email nigel.kushner@whalerocklegal.com. Further information on Whale Rock Legal is available by visiting www.whalerocklegal.com.

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